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20121129
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from the expiration of the george w. bush tax cuts for the top 2%. now, i want to make this clear. i said this earlier as it's worth repeating because it's not said very often. every american taxpayer gets a tax reduction. the superwealthy to the very minimum taxpayer in this nation gets a reduction in what the president is proposing and that is to continue the current tax rate on those under $250,000, adjusted gross income. for those who have income over and above that, they get that tax reduction and above that they are going to pay an additional amount up to 3.9% in two different traunches. so everyone gets a tax break, but those superwealthy, the 2%, they're going to pay for and that will amount to a substantial amount of money over 10 years and frankly they've had 12 years of really low, low taxes, the lowest taxes really ever since the 1930's. the president has also proposed something that's very important. we talked about this last week. i want to talk about this again the next time we come here and that is, how do we grow jobs, how do we put people back to work? the president
to echo from this morning session. one is that no one should think that george h. w. bush did not know the risks that he took. he knew exactly what risky took and he did it for several reasons. and he should be appreciated for that. it did put us on a path to getting our deficit in order. people have talked about the need for leadership. i think that the surprise of newt gingrich and his departure in the circumstance, where the administration had passed the majority of his party and the majority of the democrats get together and do this, everyone knows about this. it was clearly putting a personal agenda ahead of a governmental one at that point. my lesson is to be alert and keep your eyes open. third, i would say something you were expecting is not happening. what happened to us was the effect on the budget -- it was that the energy crisis spike. we have spent a lot of time working on energy taxes or the alternative of energy taxes. .. >> debt is higher now than since world war, and 90% of the debt was owned to the americans, and the reason that the pressures don't seem as real as the
the george w. bush and clinton administrations. both of you went to the same university. i'm sure you can agree on everything today. dr. zandi first. >> thank you for the opportunity. it is an honor to be here with heaven, a good friend of mine. let me say -- kevin, a good friend of mine. let me say that these are my own personal views. lawmakers have to resolve three issues -- first, the fiscal cliff. second, raising the treasury debt ceiling, which as you know is becoming an issue rarely soon. third, achieving long-term fiscal sustainability. that is deficit reduction and tax increases and spending cuts that allow the gdp ratio to stabilize by the end of the decade. these three things need to be done now. in terms of the fiscal cliff, if policy is unchanged and we go over the cliff and there is still no change after that, the gdp in 2013 will 3.5 percentage points. subtract that and that is a severe recession. cbo and others are probably us are animating how severe that will be -- are underestimating how severe that will be because confidence is very weak. it is unclear how the reserve
for president obama and president george w. bush will cease after 10 years. both men are young, enjoy good health and have long lives ahead of them postpresidency. this bill proposes to extend that security for the remainder of their lives. there's an unintended anomaly, mr. speaker, that were current law not changed, barbara bush would have more safety than if they were president themselves. the person and the symbol of our presidency is safe and secure for the occuration of their natural lives. with that i would yield. the speaker pro tempore: the gentleman yields back. the gentleman from michigan. mr. conyers: mr. speaker, before i yield to the distinguished gentlelady from texas, i'd like to observe the great relationship that has been formed on judiciary between myself and the distinguished gentleman from san antonio, texas. for four years, he was the ranking member on his side while i was chair. we worked together. and for two years as chair, i worked as his ranking member. and we had a cordial and i think important relationship in framing and putting forward the issues for the commi
Search Results 0 to 3 of about 4